The Board of Directors of China Ming Yang Wind Power Group Limited (Ming Yang) has formed a special committee to evaluate the proposal from its Chairman and CEO, Chuanwei Zhang, to acquire all of the company’s outstanding shares not already beneficially owned by him.
The Special Committee is composed of independent directors, Dabing Zhou and Steve Markscheild, who are unaffiliated with the proposal. The committee expects to retain independent advisors, including an independent financial advisor and legal counsel, to assist it in the process of reviewing and evaluating the proposal, Ming Yang said in a press release.
The company emphasised that neither the Board nor the Special Committee have made any decisions with respect to the response to the proposal.
“There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated,” Ming Yang said.